Conquest4Wind P5: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Conquest4Wind P5
NACE 35.150, Electricity, gas, steam and air conditioning supply
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €1.5m+€441,756
Equity
€13.1m
2024 · €11.2m+€1.9m
Cash
€2.1m
2024 · €3.5m-€1.4m
Balance sheet total
€64.9m
2024 · €68.3m-€3.4m
Largest movements
Assets
- Tangible fixed assets -€3.5m
down €3.5m (-6.3%), from €55.9m to €52.3m
- Current investments +€2.6m
up €2.6m (+40.6%), from €6.4m to €9.0m
- Cash -€1.4m
down €1.4m (-40.3%), from €3.5m to €2.1m
mainly Debts after one year (-€4.6m) and Current investments (-€2.6m)
- Receivables within one year -€813,195
down €813,195 (-37.0%), from €2.2m to €1.4m
of which Other amounts receivable: -€1.3m
Equity and liabilities
- Debts after one year -€4.6m
down €4.6m (-9.2%), from €49.8m to €45.2m
- Profit (loss) carried forward +€1.9m
up €1.9m (+19.1%), from €10.1m to €12.0m
- Trade debts -€916,173
down €916,173 (-48.6%), from €1.9m to €969,702
Income statement
- Financial charges -€1.0m
down €1.0m (-35.6%), from €2.9m to €1.9m
- Financial income -€1.0m
down €1.0m (-41.3%), from €2.5m to €1.5m
- Other operating charges -€346,931
down €346,931 (-97.0%), from €357,714 to €10,783
- Turnover +€192,348
up €192,348 (+2.4%), from €7.9m to €8.1m
- Services and other goods -€176,621
down €176,621 (-8.7%), from €2.0m to €1.9m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€1.5m
Turnover
+€192,348
Other operating income
-€138,089
Services and other goods
+€176,621
Depreciation
-€125
Other operating charges
+€346,931
Financial income
-€1.0m
Financial charges
+€1.0m
Taxes
-€149,957
Result 2025
€1.9m
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5.7m
Investment
-€2.6m
Financing
-€4.5m
Cash 2024
€3.5m
From operations (derived)
+€5.7m
Net result for the year
+€1.9m
Depreciation
+€3.5m
Receivables within one year
+€813,195
Deferred charges and accrued income
+€229,523
Provisions
+€126,000
Trade debts
-€916,173
Tax, wage and social debts
+€10,270
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€2,000
Current investments
-€2.6m
Financing
-€4.5m
Debts after one year
-€4.6m
Current portion of long-term debt
+€14,800
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €68,294,182 | €64,900,466 | -€3.4m | -5.0% |
| Fixed assets | 21/28 | €55,871,200 | €52,339,907 | -€3.5m | -6.3% |
| Tangible fixed assets | 22/27 | €55,871,200 | €52,339,907 | -€3.5m | -6.3% |
| Plant, machinery and equipment | 23 | €55,871,200 | €52,339,907 | -€3.5m | -6.3% |
| Current assets | 29/58 | €12,422,982 | €12,560,559 | +€137,577 | +1.1% |
| Amounts receivable within one year | 40/41 | €2,198,170 | €1,384,975 | -€813,195 | -37.0% |
| Trade receivables | 40 | €895,911 | €1,381,587 | +€485,675 | +54.2% |
| Other amounts receivable | 41 | €1,302,259 | €3,389 | -€1.3m | -99.7% |
| Current investments | 50/53 | €6,400,000 | €9,000,000 | +€2.6m | +40.6% |
| Other investments | 51/53 | €6,400,000 | €9,000,000 | +€2.6m | +40.6% |
| Cash at bank and in hand | 54/58 | €3,525,051 | €2,105,346 | -€1.4m | -40.3% |
| Deferred charges and accrued income | 490/1 | €299,760 | €70,237 | -€229,523 | -76.6% |
| Total equity and liabilities | 10/49 | €68,294,182 | €64,900,466 | -€3.4m | -5.0% |
| Equity | 10/15 | €11,178,585 | €13,105,272 | +€1.9m | +17.2% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,078,585 | €12,005,272 | +€1.9m | +19.1% |
| Provisions and deferred taxes | 16 | €519,400 | €645,400 | +€126,000 | +24.3% |
| Provisions for liabilities and charges | 160/5 | €519,400 | €645,400 | +€126,000 | +24.3% |
| Other liabilities and charges | 164/5 | €519,400 | €645,400 | +€126,000 | +24.3% |
| Amounts payable | 17/49 | €56,596,196 | €51,149,794 | -€5.4m | -9.6% |
| Amounts payable after more than one year | 17 | €49,756,500 | €45,201,200 | -€4.6m | -9.2% |
| Financial debts | 170/4 | €49,756,500 | €45,201,200 | -€4.6m | -9.2% |
| Credit institutions | 173 | €49,756,500 | €45,201,200 | -€4.6m | -9.2% |
| Amounts payable within one year | 42/48 | €6,839,696 | €5,948,594 | -€891,102 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €4,540,500 | €4,555,300 | +€14,800 | +0.3% |
| Trade debts | 44 | €1,885,874 | €969,702 | -€916,173 | -48.6% |
| Suppliers | 440/4 | €1,885,874 | €969,702 | -€916,173 | -48.6% |
| Taxes, remuneration and social security | 45 | €413,322 | €423,592 | +€10,270 | +2.5% |
| Taxes | 450/3 | €413,322 | €423,592 | +€10,270 | +2.5% |
| Operating income | 70/76A | €8,075,084 | €8,129,343 | +€54,259 | +0.7% |
| Turnover | 70 | €7,936,995 | €8,129,343 | +€192,348 | +2.4% |
| Other operating income | 74 | €138,089 | - | -€138,089 | |
| Operating charges | 60/66A | €6,057,425 | €5,533,997 | -€523,427 | -8.6% |
| Services and other goods | 61 | €2,040,543 | €1,863,922 | -€176,621 | -8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,533,168 | €3,533,293 | +€125 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €126,000 | €126,000 | = | 0.0% |
| Other operating charges | 640/8 | €357,714 | €10,783 | -€346,931 | -97.0% |
| Operating profit (loss) | 9901 | €2,017,659 | €2,595,346 | +€577,687 | +28.6% |
| Financial income | 75/76B | €2,479,549 | €1,455,205 | -€1.0m | -41.3% |
| Recurring financial income | 75 | €2,479,549 | €1,455,205 | -€1.0m | -41.3% |
| Income from current assets | 751 | €2,479,549 | €1,455,205 | -€1.0m | -41.3% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €2,917,072 | €1,878,702 | -€1.0m | -35.6% |
| Recurring financial charges | 65 | €2,917,072 | €1,878,702 | -€1.0m | -35.6% |
| Debt charges | 650 | €2,904,526 | €1,866,325 | -€1.0m | -35.7% |
| Other financial charges | 652/9 | €12,545 | €12,377 | -€168 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €1,580,136 | €2,171,849 | +€591,713 | +37.4% |
| Income taxes | 67/77 | €95,206 | €245,163 | +€149,957 | +157.5% |
| Taxes | 670/3 | €95,206 | €245,163 | +€149,957 | +157.5% |
| Profit (loss) for the period | 9904 | €1,484,931 | €1,926,687 | +€441,756 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,484,931 | €1,926,687 | +€441,756 | +29.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.